Medical Solutions, a leading provider of healthcare staffing solutions for hospitals across the United States, today announced it has signed a definitive agreement to acquire PPR, a provider of travel nurse staffing and interim leadership for acute and post-acute markets. As part of the transaction, PPR will continue to operate as its own brand and will keep its offices in both Jacksonville and Tampa, Fla. Medical Solutions acquired PPR from Trivest Partners, who partnered with the company in 2016. The transaction is subject to standard conditions, including regulatory clearance, and is expected to close in the first quarter of 2018. Additional terms of the transaction were not disclosed.
Medical Solutions offers a range of dynamic staffing solutions aimed to address hospitals’ specific and ever-changing needs. The company provides more than 1,600 hospitals around the country with highly skilled and qualified travel nurses. It also operates as a Managed Service Provider (MSP), helping to streamline and simplify workforce operations by exclusively managing a hospital’s entire travel nurse staffing process.
“In partnering with PPR, we are combining two great businesses with a shared vision and commitment to delivering an exceptional experience for employees and clients,” said Craig Meier, CEO of Medical Solutions. “With industry-leading talent retention, PPR is aligned with our focus on creating a positive and supportive environment that gives employees the opportunity to grow, both personally and professionally. As demand for travel nurses continues to outgrow supply, this combination gives us the depth and resources to serve even more patients across the country.”
Founded in 1996, PPR is one of the fastest growing healthcare staffing companies in the country. The company operates through two distinct businesses: PPR, the travel nurse staffing solution that manages 13-week nursing assignments, and 360 Healthcare Staffing, which focuses on the post-acute market. Known for its focus on employee experience, PPR has been named to the national list of America’s “Best Places to Work” for 13 years.
“This transaction brings together two highly-reputable brands in the healthcare staffing sector that, together, are well positioned to tackle the tremendous and growing need for contingent labor in healthcare across the United States,” said Shamik Patel of TPG Growth. “The addition of PPR will enable Medical Solutions to diversify into new care settings, expand its MSP efforts, and continue recruiting best-in-class talent across the business. This partnership creates more jobs and opportunities for new and existing travel nurses across both organizations. We are pleased to support Craig and the team in this exciting next chapter.”
In 2017, Medical Solutions partnered with TPG Growth, the middle market and growth equity platform of alternative asset firm TPG. TPG Growth helped facilitate the transaction, and will continue to be an active partner to Medical Solutions and PPR. Kirkland & Ellis and Greenberg Traurig served as legal advisors to TPG and the sellers, respectively. Piper Jaffray served as financial advisor to PPR. Additionally, UBS, Morgan Stanley and SunTrust provided financing support to TPG Growth and Medical Solutions.
About PPR
PPR is a healthcare staffing firm that specializes in placing registered nurses, allied health professionals and leadership positions in travel contracts in acute care, post-acute care, and school settings nationwide. Over the last 22 years, PPR has become a highly regarded company in the healthcare industry; recognized for 13 years as a Fortune Magazine Best Place to Work in America, a Gallup 35 Most Engaged Workforces in the world, and ranked #1 in 2018’s Highway Hypodermics list for Best Travel Nursing Company. PPR is also an industry leader in customer service, traveler retention rates and Net Promoter Score results. PPR acquired 360 Healthcare Staffing in 2017, adding strength in the post-acute marketplace.
About TPG Growth
TPG Growth is the middle market and growth equity investment platform of TPG, the global alternative asset firm. With more than $13 billion of assets under management, TPG Growth targets investments in a broad range of industries and geographies. TPG Growth has the deep sector knowledge, operational resources, and global experience to drive value creation, and help companies reach their full potential. The firm is backed by the resources of TPG, which has more than $79 billion of assets under management. For more information, visit www.tpg.com.
About Trivest Partners
Trivest Partners is a private investment firm that focuses on partnering with founder/family owned businesses in the United States and Canada. Since its founding in 1981, Trivest has completed more than 250 transactions, totaling in excess of $5.5 billion in value. For additional information, please visit www.trivest.com.